sr. business advisor msbdc - cape cod community … & below = you'll find entrepreneurship...
TRANSCRIPT
Cliff Robbins Sr. Business Advisor
MSBDC
Ambition is the fuel that can drive life-changing events.
Don’t’ repress the future the way you may have repressed the past.
Create a BIG dream: But beware; a nightmare is also a dream What are you passionate about? ◦ If no one will pay you to do it, you only have a
hobby.
Just because you have some technical skills doesn’t
mean you’re ready to run your own business …
To create a successful business you must master the basics: ◦ Management, Marketing, Finance, Operations, etc.
Job ONE? Create customers! Marketing plan USP Marketing Mix: ◦ Product ◦ Price ◦ place ◦ promotion
Keep your day job!
Planning Organizing Leading Staffing Controlling
Business Plan ◦ Required for borrowing ◦ 5 Cs of credit
Financial statements: ◦ Income (P&L) ◦ Balance Sheet ◦ Cash Flow
Sales have to exceed expenses Collect your bills Take care of your customers Take care of your people Let’s break them down…
The One Minute Entrepreneur
Making a profit is only necessary if you want to stay in business!
You’re in business for THREE reasons: ◦ You need a job ◦ You deserve a profit ◦ You’re building an asset
If you don’t like selling, keep your day job!
CFIMITYM Don’t be a bank for your customers. ◦God bless Jenny!
Take care of your numbers and your numbers will take care of you. ◦ THREE Financial Statements
You can’t manage what you don’t measure!
You can get what you want if you help others get what they want. Ziz Ziglar
Lead with your ears -- 2:1 ◦ Listen to your customers to create the kind of
experience they want.
Look for Moments of Truth. ◦ Lifetime value Jan Carlzone
Loyal customers drive success for your organization. ◦ CRM
Passionate people drive success for your organization.
Don’t create a company full of ‘ducks.’ ◦ Empowerment
Everyone should be encouraged to be a leader.
Management includes day-to-day coaching. ◦ Servant leadership
Performance evaluations shouldn’t just rate or berate; they should help them get all 5s.
Owners Concentrating on the Technical, Rather
Than the Strategic Work at Hand Lack of Management & Systems Lack of Vision, Purpose, or Principles Failure to Establish and/or Communicate
Company Goals Poor Market Segmentation and/or Strategy Competition or Lack of Market Knowledge Lack of Financial Planning and Review Inadequate Capitalization Absence of Standard Quality Program Over-dependence on Specific Individuals in the
Business
Entrepreneurial Self Assessment
20 Questions…
Motivation- drive, energy to succeed Enthusiasm- excitement, involvement Confidence- sure of your own abilities Risk taker- willingness to take chances
Competitiveness- wanting to win Perseverance- refusal to quit a task Creativity- imaginative thinking Organization- keeping things in order
Vision/Leadership- knowing where you want to be
Persuasiveness- ability to convince others Honesty- truthfulness Adaptability- can handle new situations ◦ pivot
Understanding- can sense peoples’ feelings Self-discipline- sticking to a plan or
schedule Independence- belief in oneself Purposefulness- doing things for a reason
Goal oriented- work steadfastly toward the goal
Problem solver- think of solutions to problems
Drive- desire to work hard Optimism- positive attitude
160-200 = Strong Entrepreneur 120-159 = Mildly Entrepreneurial 120 & below = You'll find entrepreneurship
undesirable and difficult
OK That ends the math test…BUT:
Do you have a lot of personal drive? Are you willing to work whatever hours it
takes? Are you willing to give up the perks and
invest & run your own business? Are you self-reliant, possess an internal locus
of control?
Can you work without support? Are you healthy? You have the physical ability and stamina? Can you handle the stress?
Do you have patience when working and interacting with others?
Do you communicate well? Can you be a leader: A trainer of your staff? Can you be the front person for your business
Can you maintain a positive relationship with
the people who work for you? Can you meet the needs of your customers? Do you have an ability to sell yourself and
your products or services?
Do you have the support of your family and friends?
Can you afford to start your own business? ◦ Can you afford not to?
Visionary Ambitious Communicative Innovative Resourceful Purposeful Problem-solving Confident Curious Focused
Risk-Taking Salesmanship
Oriented Optimistic Leadership Oriented Integrity Based Adaptable Self-motivated Strategic Determined Team Oriented
Continually seek the advice of your advisors and mentors. Have fun!
Rather than be a person of
success, strive to be a person
of value.
CLIFF ROBBINS SR. BUSINESS ADVISOR MASSACHUSETTS SMALL BUSINESS
DEVELOPMENT CENTER ISENBERG SCHOOL OF BUSINESS @ UMASS AMHERST WWW.MSBDC.UMASS.EDU 508-673-9783